Bitcoin (BTC) fell below $ 18,000 on December 9, the latest continuation of its bearish decline from record highs.
Coin360 cryptocurrency market review
Analyst: BTC rate ‘keeps adjusting’
Data from the Cointelegraph, Coin360 and TradingView markets showed that BTC / USD lost $ 18,000 in support during trading hours after the critical moving average level evaporated as well.
At time of publication, new lows were around $ 17,600, with 24-hour losses of more than 7%.
3-day chart BTC / USD. Source: TradingView
Bitcoin was in a dire position after it lost support higher, as exchange data showed that purchasing interest had only stabilized by a whopping $ 16,200. Backward selling pressures led to an immediate recovery of nearly $ 20,000 last week.
BTC / USDT Heat Map Book Request. Source: Physical Indicators.
“The third test of support and breakdown,” Michael Van de Pope, an analyst at Cointelegraph Markets, told Twitter followers on Wednesday.
“Testing levels repeatedly does not make the level stronger. Will the downtrend continue? I think so, unless $ 18500-18700 is recovered, I think we will continue the correction.”
The press time zone had already piqued the interest of traders, who were wary of leaving the $ 1,300 futures gap on the CME vacant. With the bottom just under $ 17,000, Bitcoin gained additional momentum for a further downside in the short term.
Great players to buy depth
Van de Poppe and others were both wildly optimistic, but noted that the lower levels would provide a buying opportunity for large customers.
“See how merchants, shitcoins, and weak hands are pushing #bitcoin into strong hands like Grayscale, Paypal, Square, MicroStrategy, and more,” PlanB quantitative analyst said Tuesday as Bitcoin’s performance began to decline.
“BTCs will disappear from the market, go into deep cold stores and stay there for years.”